Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The MWC 2025 highlighted the deep integration of 5G-A and AI, marking a new era of intelligence in the communication industry [3][4] - Major manufacturers are accelerating the iteration of 5G and AI technologies, with Qualcomm, Intel, Huawei, and ZTE showcasing significant advancements [4][8][11] - The IoT chip module industry is expected to see a positive marginal improvement driven by the resurgence of downstream demand and the AI/robotics/5G wave [24] - Telecom operators are enhancing their AI strategies, integrating AI capabilities with their network infrastructure to accelerate digital transformation across various scenarios [24][29] Summary by Sections MWC 2025 Highlights - The MWC 2025 took place from March 3 to 6, 2025, in Barcelona, focusing on 5G-A, AI, IoT, and AR technologies, with over 2,700 exhibitors showcasing trends towards intelligent, scenario-based, and ecological upgrades in communication technology [3][4] Major Manufacturers - **Qualcomm**: Launched the X85 5G modem, achieving peak download speeds of 12.5 Gbps and upload speeds of 3.7 Gbps, enhancing the Android ecosystem [4][5] - **Intel**: Introduced the Xeon 6 series with AI RAN performance improved by 3.2 times compared to the previous generation, integrating advanced Ethernet controllers [6][7] - **Huawei**: Released the AI-Centric 5.5G network architecture, enabling end-to-end intelligent network management [8][10] - **ZTE**: Focused on dual-track network productivity with innovations in mobile and optical networks [11][12] Edge AI Developments - **Fibocom**: Launched the "Nebula" series AI modules, supporting various AI applications for smart robots [12][14] - **Meige Intelligent**: Showcased high-performance AI modules and solutions for smart cabins and AI-driven network optimization [16][18] - **Quectel**: Announced a new AI solution for smart retail, integrating dynamic vision and edge computing capabilities [19][21] Telecom Operators - **China Mobile**: Launched the world's first 5G-A humanoid robot and advanced its AI+ strategy, enhancing network capabilities for complex tasks [25][27] - **China Telecom**: Developed a comprehensive AI system to empower intelligent upgrades across various sectors [29][30] - **China Unicom**: Introduced a large model system to support diverse applications in multiple industries [32][34] Investment Targets - Key investment targets include edge AI hardware and modules such as Lexin Technology, Fibocom, Quectel, Meige Intelligent, and telecom operators like China Telecom and China Mobile [35]